Extra Space Storage Inc (EXR) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Extra Space Storage Inc (NYSE:EXR) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $90.00 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Extra Space Storage outperformed the industry it belongs to, in the past three months. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. The company’s focus to expand its geographical footprint through accretive acquisitions and third-party management platforms is anticipated to drive growth over the long term. In fact, the company gained an increased scale in several core markets on the back of these acquisitions, as well as fortified its presence in a number of new markets. Moreover, its presence in key cities and strategic joint ventures serve as growth drivers amid sound demand in the self-storage industry. However, increasing supply of self-storage units in certain markets and stiff competition remain concerns. Also, rate hike adds to its woes.”
Several other analysts also recently weighed in on the company. Evercore ISI restated an in-line rating and issued a $80.00 price objective (up from $78.00) on shares of Extra Space Storage in a report on Thursday, September 14th. BMO Capital Markets assumed coverage on Extra Space Storage in a report on Monday, September 11th. They issued a market perform rating and a $78.00 price objective for the company. Cantor Fitzgerald restated a hold rating and issued a $77.00 price objective on shares of Extra Space Storage in a report on Friday, September 1st. KeyCorp restated a buy rating and issued a $82.00 price objective on shares of Extra Space Storage in a report on Friday, August 25th. Finally, BidaskClub downgraded Extra Space Storage from a hold rating to a sell rating in a report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $82.56.
Shares of Extra Space Storage (NYSE EXR) traded up 1.17% on Wednesday, hitting $81.51. 786,300 shares of the company traded hands. The firm’s 50-day moving average is $79.04 and its 200 day moving average is $77.31. The firm has a market capitalization of $10.27 billion, a P/E ratio of 27.86 and a beta of 0.36. Extra Space Storage has a 1-year low of $68.09 and a 1-year high of $83.23.
Extra Space Storage (NYSE:EXR) last released its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.04. The firm had revenue of $276.00 million during the quarter, compared to the consensus estimate of $239.89 million. Extra Space Storage had a return on equity of 15.20% and a net margin of 36.35%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, analysts anticipate that Extra Space Storage will post $2.76 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a $0.78 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $3.12 dividend on an annualized basis and a yield of 3.87%. Extra Space Storage’s dividend payout ratio is presently 107.22%.
In other Extra Space Storage news, Director Spencer Kirk sold 20,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $79.64, for a total value of $1,592,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Overturf sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.50, for a total transaction of $98,150.00. Following the completion of the transaction, the executive vice president now owns 86,275 shares of the company’s stock, valued at $6,513,762.50. The disclosure for this sale can be found here. Insiders sold 63,900 shares of company stock valued at $5,037,638 over the last quarter. 3.72% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Extra Space Storage by 0.8% during the second quarter. Vanguard Group Inc. now owns 21,666,355 shares of the real estate investment trust’s stock worth $1,689,976,000 after acquiring an additional 171,897 shares during the last quarter. BlackRock Inc. grew its stake in shares of Extra Space Storage by 3.0% during the second quarter. BlackRock Inc. now owns 12,091,401 shares of the real estate investment trust’s stock worth $943,130,000 after acquiring an additional 348,554 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Extra Space Storage by 56.2% during the second quarter. Capital Research Global Investors now owns 5,161,305 shares of the real estate investment trust’s stock worth $402,582,000 after acquiring an additional 1,857,594 shares during the last quarter. Cbre Clarion Securities LLC purchased a new stake in shares of Extra Space Storage during the second quarter worth about $304,239,000. Finally, Northern Trust Corp grew its stake in shares of Extra Space Storage by 3.9% during the second quarter. Northern Trust Corp now owns 1,919,978 shares of the real estate investment trust’s stock worth $149,759,000 after acquiring an additional 71,326 shares during the last quarter.
About Extra Space Storage
Extra Space Storage Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development.
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